Facebook unveiled an ambitious plan on Tuesday to create an alternative financial system that relies on a cryptocurrency that the company has been secretly working on for more than a year. The effort, announced with 27 partners as diverse as Mastercard and Uber, could face immediate skepticism from people who question the usefulness of cryptocurrencies and others who are wary of the power already accumulated by the social media company.
Since day one, we’ve worked to create a platform where fans can directly access the audio they want—at any time, anywhere, and at the right price—while also offering economic viability for creators. This fundamental focus is why we believe in joining the Libra Association. Launching today, the independent, not-for-profit organization was founded to create a simple global currency and financial infrastructure that will empower billions of people.
The Wall Street Journal broke the news that financial firms including Visa, Mastercard, PayPal and Stripe are involved, but crypto-focused news site The Block – which is a credible source – claims to have the full list of companies involved in The Libra Association. One jumps out at us: Spotify.
Huge technology policy questions are looming for whoever takes the top jobs at the European Union in the coming months. Decisions that could radically reshape tech business models, reconfigure the competitive landscape and change the relationship between Internet users and the content and services they consume.
XOXO, the Kickstarter backed successor the Drip artist and label subscription platform is shutting down before it launches. “Ultimately, we couldn’t find a way to make the business viable,” the XOXO team wrote announcing the closure.
Universal Music Group lied about the loss of roughly 500,000 recordings in the Universal Studios fire in 2008. Now, 11 years later, top industry attorneys are gearing up for some serious litigation, with dozens of artists potentially filing suit.
French Video games development firm Ubisoft is reported to be exploring ways of integrating blockchain technology into its games, in a bid to gain an edge on competitors. The plans will reportedly see Ubisoft write game assets to a blockchain, which can then be made available for purchase, along similar lines as the business model behind the hugely successful Fortnite franchise, published by rival Epic Games.
Under the new partnership arrangement, IMRO has become a direct customer of ICE’s Core Licence (see below). Under the terms of the new deal, ICE will provide IMRO with a full suite of licensing and administration services for online usage.
There are big opportunities for the music industry in podcasts, but one of the big barriers is licensing, according to a panel in London. “Rights are a disaster,” said broadcaster and writer Miranda Sawyer, who reviews podcasts for the Observer newspaper in the UK.
A new company called OmniQ says that compared to 20 years ago, consumers have fewer choices when it comes to movies. Seizing on a petition to the high court, OmniQ urges exploration of the First Sale Doctrine in the digital age.